Business Owners Can Get Unsecured Loans - Just Get Your Ducks In A Row

Online, March 3, 2011 (Newswire.com) - Getting your hands on an unsecured business loan may seem like an impossible task, but it can be done. Many banks and other lenders are finally acknowledging that small businesses are the backbone of the nation, and are more frequently providing loans and lines of credit.

There are several things you can do to improve your chance of getting the unsecured business loan you need.

First of all, look locally. The theory that larger banks are more likely to lend is no longer true. Most large banks have tightened their lending requirements, and only the most highly-rated customers may borrow. Instead of applying at a "chain" bank, look around your community. Local banks and small regional banks may still have money to lend.

Be sure you're prepared to impress the lender. The biggest part of getting approved for an unsecured small business loan is your ability to sell yourself. This takes a dynamic business plan, a can-do attitude and good sales technique. You can get approved if you back yourself up on paper and impress the lender face to face.

You should also make sure your paperwork is in order. The paperwork you submit to a lender speaks volumes about your organizational skills and your ability to run a business. Your paperwork is often the first impression a lender gets of you.

If you are professional and give a lot of detail, you can succeed. You need to include a detailed business plan, earnings statements, a statement of how you plan to repay the debt and a detailed account of how the money will be used.

But a word of caution: be truthful and painfully detailed, but don't get too wordy. Include only what's relevant. Lenders can smell a ruse, and they'll know if you've added fluff just to make your submission seem more impressive.